FAQ

Once the Promis of Sale is signed, you will need to provide the bank with the following documents in order to apply for a bank loan to purchase a property in Malta or Gozo:

A recent pay slip and FS3 (Annual Employee Statement of Earnings reconciliation) as evidence of income*An architect’s estimate of the property value

Any building permits and plans (these docuemtns would be provided by ELZAN Properties)

Records of any existing financial commitments, including credit card debt and any other loans

A photocopy of the applicant’s ID card

A copy of the preliminary agreement

If the person applying for a loan is not already an account holder with the bank, a character reference might also be necessary

A complete life insurance policy is required for any home loan, as is a building insurance policy.

Generally the bank will provice 90% funding, payments are based on 30% of your net combined income and the load term will be a maximum of 40 years up to the age of 65 years.

How much will stamp duty cost?

The standard rate of Stamp Duty is 5%

Gozo – residential properties bought in Gozo qulaify for a reduced rate of stamp duty at 2% as long as the promise of sale is signed and registered in 2017 with the Inland Revenue Department.

There is a new scheme being introduced in the Budget 2018 for second-time buyers, where the stamp duty paid will be reduced by up to €3,000. Also if the buyer is disabled, the reduction will go up to a maximum of €5,000.